STARTING NOW: WHY YOU SHOULD BUILD YOUR BUSINESS POST PANDEMIC
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If you were in the early stages of starting a business, the COVID-19 pandemic might have caused you to pull back in fear. Perhaps you felt unsure if there would be a market for you once things returned to a new normal, or you didn't want to deal with too much risk.
However, now that life is on an upswing for many industries, this could be a good time to take your dreams off the back burner and begin working on your small business. Keep these pointers from SBA Funding Depot in mind and see how you can grow your company without spending too much money.
The Benefits of Starting a Business Now
There are many benefits to getting your business started now, according to Fast Company. The COVID-19 pandemic has created lower interest rates on certain types of loans, making it easier to get the funding you need. There are a variety of programs out there where you can apply for help with the costs associated with building your business.
Many companies closed down during the pandemic, either because of lost revenue or they felt it was the best option. During these closures, it is not uncommon to find equipment for sale, meaning you can get certain items you would need for your business for a very low cost. Restaurants might be selling tables and chairs, or it could be possible to find office equipment like desks, ergonomic chairs, and telephones systems at half the cost you would normally pay. Shop around, and see if you can find good deals on items you'll need to open your doors.
How To Have Low Start-up Costs
When you are first building your business, try to keep your start-up costs down so you aren't using too much money, at least until you start generating revenue. Depending on the type of company you are running, you can save money by operating online, out of your home, or both. Avoid having too much product until you can see that it is selling. Operating in this manner ensures you aren't overextending yourself, at least in the beginning.
Keeping Finances in Order
It's crucial to have an accurate record of your expenses and profits. For one, you'll be expected to furnish this information come tax time. It's also necessary to pay your bills on time so you can avoid difficult relationships with your vendors, keep everything you need for your business on hand, and continue to grow. Consider using software that helps you track and pay for everything on time. This can make accounting easier and ensure that deadlines for bills are met without the need for constant double-checking.
Expanding as Your Company Grows
Tracking expenses with software like QuickBooks Online Advanced is also a way to grow your business by automating time-consuming tasks; in fact, 84 percent of users said this software will grow with them as their business grows. This is great news, as 37 percent less time may be spent on accounts payable data entry when efficiencies are gained in AP workflows, according to a white paper cited by SAP Concur. Not only that, a 33-percent reduction in invoicing errors could be seen when you automate the process.
Once you have noticed positive growth within your company, it can be worth your time to expand. Doing so can net you even more clients, increase demand, and help your business flourish. Consider offering customer surveys and listen to what your current customers are looking for. This can help you tap into a new market, allowing your business to further expand. You might even fulfill a need that no one else in your area is, ensuring even more growth.
You can give your business a foot up while using the end of the COVID-19 pandemic for leverage. Understanding what resources are available to you can help, allowing you to give your company a boost and reach out to new possible customers.
SBA Funding Depot is composed of experienced loan consultants dedicated to assisting you through the loan process in a timely and stress-free manner. Contact us today to find out about our FREE service to help you secure a loan! 888-373-2228